{"id":557855,"date":"2023-03-01T04:13:55","date_gmt":"2023-03-01T01:13:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/marathon-digital-bungles-crypto-impairment-sums-will-reissue-financials\/"},"modified":"2023-03-01T04:13:55","modified_gmt":"2023-03-01T01:13:55","slug":"marathon-digital-bungles-crypto-impairment-sums-will-reissue-financials","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/marathon-digital-bungles-crypto-impairment-sums-will-reissue-financials\/","title":{"rendered":"# Marathon Digital bungles crypto impairment sums, will reissue financials"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35fe265972a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35fe265972a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/marathon-digital-bungles-crypto-impairment-sums-will-reissue-financials\/#%E2%80%9D_Marathon_Digital_bungles_crypto_impairment_sums_will_reissue_financials_%E2%80%9C\" >&#8221; Marathon Digital bungles crypto impairment sums, will reissue financials &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Marathon_Digital_bungles_crypto_impairment_sums_will_reissue_financials_%E2%80%9C\"><\/span>&#8221; Marathon Digital bungles crypto impairment sums, will reissue financials &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvM2M3ZDYwMjUtYjE3Yy00ZWZiLWE3YjYtYjA4MDkwYWI0ZjI1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made.<\/p>\n<p>According to a Feb. 27 SEC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1507605\/000149315223006169\/form8-k.htm\">filing<\/a>, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021.<\/p>\n<p>Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods \u201cshould not be relied upon.\u201d<\/p>\n<p>The issues highlighted by the SEC were Marathon\u2019s method for calculating impairment on digital assets, as well as Marathon\u2019s determination that it had acted as an agent while operating a Bitcoin mining pool rather than a principal.<\/p>\n<p>A principal is an entity that has the legal authority for decisions, while an agent is an entity that can only act on behalf of a principal.<\/p>\n<p>Marathon noted that by changing the determination of its role in operating the pool from an agent to a principal, revenues and cost of revenues will see minor increases but does not believe the change will impact its bottom line.<\/p>\n<blockquote><p>\u201cThe restatement of the Impacted Financial Statements is not expected to have any impact on total margin, operating income or net income in 2021 or in any of the interim periods in 2021 or 2022.\u201d<\/p><\/blockquote>\n<p>As a result of the accounting issues, Marathon postponed its fourth-quarter 2022 earnings call which was set to take place on Feb. 28, and will postpone the publication of its corresponding financial results.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, we announced that we are cancelling our webcast and conference call for Q4 &amp; FY 2022, initially scheduled for today at 4:30 p.m. ET, and are postponing the publication of our corresponding financial results. For more, please see this press release: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UAryIr56aC\">https:\/\/t.co\/UAryIr56aC<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MarathonDH\/status\/1630622618641481739?ref_src=twsrc%5Etfw\">February 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Marathon intends to file its results for 2022 by Mar. 16, after notifying the SEC it would take up to 15 days to make the necessary corrections to the report which was previously due by Mar. 1.<\/p>\n<p><strong>Related: <\/strong><strong><em>Robinhood subpoenaed by SEC over crypto listings and custody<\/em><\/strong><\/p>\n<p>The miner announced on Feb. 2 that it had sold 1,500 BTC throughout January, marking the first time it had sold Bitcoin since Oct. 1, 2020 as it looks to build up a \u201cwar-chest\u201d of both cash and Bitcoin and ensure it can be flexible throughout 2023.<\/p>\n<p>While 2022 proved to be a tough year for Bitcoin miners which led to the capitulation of many firms such as Core Scientific on Dec. 21 last year, an increasing BTC price and stable electricity prices have helped the industry rebound strongly so far in 2023 with production and Hashrates <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly up across the board.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/marathon-digital-bungles-crypto-impairment-sums-will-reissue-financials\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Marathon Digital bungles crypto impairment sums, will reissue financials &#8220; Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3&#8230;<\/p>\n","protected":false},"author":1,"featured_media":557856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/3c7d6025-b17c-4efb-a7b6-b08090ab4f25.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,78423,74898,26583,70934],"class_list":["post-557855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining-pools","tag-sec","tag-income","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=557855"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/557856"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=557855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=557855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=557855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}